Joint venture acquires 284-apartment community in Cumberland/Galleria

by John Yellig

PCCP LLC, F&B Capital and CF Real Estate Services formed a joint venture for the acquisition of District at Windy Hill, a 284-unit class A apartment community in Atlanta’s Cumberland/Galleria suburban submarket.

The complex, which is located at 2245 Interstate North Parkway West and was built in 2019 by Kaplan Development, sits on approximately 5.6 acres and consists of two five-story, elevator-served buildings with a 514-space parking deck between the buildings. The unit mix comprises 156 one-bedroom apartments and 128 two-bedrooms with an average size of 875 square feet.

The individual apartments have 9-foot to 12-foot ceilings, granite countertops, custom cabinets, stainless-steel appliances and full-sized washer/dryers. Community amenities include a pool, a multi-level clubhouse, a 24-hour fitness center, an indoor/outdoor culinary center, a cybercafé, a sports simulator, a pet spa and dog park and access to Chattahoochee River trails.

“PCCP is excited to be partnering with the newly merged F&B Capital and CF Real Estate Services, which brings a local hands-on management team to an asset with upside through lease-up of vacancy that was largely induced by the pandemic,” PCCP managing director Ron Bonneau said in a press release. “District at Windy Hill is ideally located in a prime Atlanta location that we believe will lead to outsized renter demand given its location near strong employment nodes and a true live-work-play environment.”

The community is within walking distance of the two million square-foot mixed-use development at The Battery and is near the I-285/I-75 interchange.

The transaction’s financial terms were not disclosed.

PCCP LLC is a real estate finance and investment management firm that works in commercial real estate debt and equity investments. F&B Capital is a real estate investment firm specializing in multifamily acquisitions and redevelopments in Texas.

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